STOCK MARKET WATCH -- Tuesday, 23 June 2015

[Demeter]

12. After Greece: Where next for the euro zone? PROPAGANDA TIME!

http://www.cnbc.com/id/102776641

The leaders of Europe's most powerful political bodies have called for closer political, monetary and economic ties between euro zone countries to reinforce the region's vulnerable foundations which have taken quite a battering thanks to the various economic and debt crises of the last five years.

The report, prepared by the President of the European Commission, Jean-Claude Juncker, reiterated the founding principles of the 19-country euro zone towards closer economic and monetary union and included a plan to achieve this aim – something, which it said, could help prevent future economic crises.

"The euro is more than just a currency. It is a political and economic project…This common destiny requires solidarity in times of crisis and respect for commonly agreed rules from all members." the report published late on Sunday noted.



The leaders of Europe's most powerful political bodies have called for closer political, monetary and economic ties between euro zone countries to reinforce the region's vulnerable foundations which have taken quite a battering thanks to the various economic and debt crises of the last five years.

The report, prepared by the President of the European Commission, Jean-Claude Juncker, reiterated the founding principles of the 19-country euro zone towards closer economic and monetary union and included a plan to achieve this aim – something, which it said, could help prevent future economic crises.

"The euro is more than just a currency. It is a political and economic project…This common destiny requires solidarity in times of crisis and respect for commonly agreed rules from all members." the report published late on Sunday noted.

"Europe's Economic and Monetary Union (EMU) today is like a house that was built over decades but only partially finished. When the storm hit, its walls and roof had to be stabilized quickly. It is now high time to reinforce its foundations…To achieve this, we will need to take further steps to complete EMU," it said.

... Progress and closer union in the euro area must happen on four fronts, the report noted:

1) Towards a genuine Economic Union that "ensures each economy has the structural features to prosper within the Monetary Union."

2) Progress towards a Financial Union that guarantees "the integrity of our currency across the Monetary Union and increases risk-sharing with the private sector. This means completing the Banking Union and accelerating the Capital Markets Union."

3) Progress towards a Fiscal Union that delivers both fiscal sustainability and fiscal stabilization.

4) And finally, progress towards a Political Union "that provides the foundation for all of the above through genuine democratic accountability, legitimacy and institutional strengthening."

In each case, progress will have to follow a sequence of short- and longer-term steps, the report said, "but it is vital to establish and agree the full sequence today. The measures in the short-term will only increase confidence now if they are the start of a larger process, a bridge towards a complete and genuine EMU."

It urged all euro zone countries to participate in all four of the "Unions" and that the processes needed to complete "a deep and genuine EMU" should be implemented by 2025, at the latest.

SURE, WHY NOT? DO A REAL BANG-UP JOB OF IT! MORE NONSENSE AT LINK

THE EUROZONE IS A RELIGION, NOT A PLAN